Merger of Two World Oil Giants Planned for 1 Oct

Oil&Gas Materials 25 September 2007 15:18 (UTC +04:00)
Merger of Two World Oil Giants Planned for 1  Oct

Azerbaijan, Baku / Trend / The plan to merge Statoil and Norsk Hydro's petroleum activities was approved at the general meeting of the two companies and the merger will come into effect on 1 October this year.

The merger is being implemented through Statoil ASA taking over the petroleum business of Norsk Hydro ASA.

Statoil ASA will continue as a legal entity after 1 October with the same registration number as today but under the name of StatoilHydro ASA. As of 1 October the whole of Hydro's petroleum activities will continue as a part of StatoilHydro ASA and its subsidiaries.

The merger as such will have no formal or contractual consequences for Statoil customers and contract partners. As mentioned above, this means that as of 1 October, there will be no transfer of Statoil contracts and customer relations since Statoil ASA and its subsidiaries will continue as unchanged legal entities, and their names will not be changed.

In the period up to 1 October, Statoil ASA will continue as before and the company's contact with customers and collaboration partners will be handled by our present organisation and respective contact persons. These people will also be able to provide information about the ongoing integration planning, the statement said.